(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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S4 Capital PLC - Martin Sorrell-led digital advertising firm - Says annual results will be delayed as auditor has requested further time to complete its audit process, noting the "practical challenges it faces with remote working". Expects results "well in line" with market expectations. Results will be issued March 25.
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Mitie Group PLC - Glasgow-based facilities management - Non-Executive Director Alan Lovell resigns from board, effective March 5. Lovell who is also the chair of Interserve, joined the company's board shortly after completion of Mitie's acquisition of Interserve Facilities Management. Lovell steps down following the successful sale of the majority of shares held by How Group Ltd, part of the Interserve group, whose interest has fallen to 7% of Mitie's issued share capital.
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JPMorgan Global Growth & Income PLC - investment trust - NAV per share ends 2020 at 383.7 pence versus 341.4p at the end of 2019. NAV total return in 2020 15.4% versus benchmark, the MSCI World All Countries Index, gaining 12.1% in same period. "That long-term approach was what drove a meaningful increase in our exposure to more cyclical names in the past six months," investment manager says. Adds: "The top contributing sector to the strong performance of your company was pharma and medtech. This was driven by a couple of names that rebounded strongly. The first was our position in Zimmer Biomet - a leading manufacturer of orthopaedic implants. They had been hit by the pandemic as hospitals did not have capacity for elective procedures, but we saw business recover through the second half of 2020. We believe that demand for their products is simply postponed, rather than destroyed, and therefore we expect earnings recovering quickly to previous levels. Another name that contributed in this sector was Alexion Pharmaceuticals Inc, an innovative biotech company that develops drugs for rare blood disorders. This company was the subject of a bid to acquire them by AstraZeneca PLC, which they accepted."
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Tritax EuroBox PLC - investor in continental European logistics real estate assets - Increases raising to GBP198.4 million from GBP173 million as investor demand "significantly exceeded the targeted size". Will now issue total of 192.6 million shares at 103 pence each. Chair Robert Orr says: "We are delighted by the success of this oversubscribed issue. On behalf of the directors and the manager I would like to thank existing shareholders for their strong support and welcome a range of new investors to the company." The investment manager Tritax Management LLP will use the proceeds for acquisition purposes, namely the purchases of three German assets with a value of EUR317 million, another portfolio comprising two assets in Italy and one in Germany, with a collective value of EUR99 million.
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Phoenix Global Resources PLC - upstream oil and gas company - New concession granted for its operated block Mata Mora located in the Neuquen province. The province has issued a decree granting a 35-year unconventional exploitation concession over approximately 43,372 acres in the northern part of Mata Mora and extending for 5 years the exploration rights over approximately 11,918 acres in the southern part of Mata Mora. "The new exploitation concession covers the northern part of the block and provides for a Corporate Social Responsibility payment of USD2.8 million and an Infrastructure payment of USD3.3 million. The concession involves a pilot phase with certain works to be completed by March 2026, which include a capex commitment of USD110 million, consisting of four pads of three horizontal wells each, with an average lateral length of 2,150 metres," company adds. It will hold 90% interest in concessions.
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AMTE Power PLC - lithium battery maker - Prices initial public offering at 175 pence per share, and hopes to raise GBP13.0 million from issue of 34.7 million shares. Expects market cap on admission of about GBP60.7 million, and will have just over 52% of shares in public hands at admission. Admission date expected in mid-March. AMTE develops lithium-ion battery cells for high-performance vehicles and other specialist uses at its manufacturing plant in Thurso, Scotland. It said it has access to intellectual property from FTSE 250-listed defence technology firm QinetiQ PLC.
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Maven Income & Growth VCT 3 PLC - venture capital trust - Net asset value per share ends November at 56.27 pence compared to 59.92p at the same point year before. NAV total return at year-end of 144.44p per share versus 144.09p in financial 2019. "With good levels of liquidity, the core objective at the start of the financial year was the continued growth in the portfolio to expand and diversify your company's asset base and help support future growth in Shareholder value. However, in response to the outbreak of Covid-19, attention was diverted temporarily to value preservation and supporting the requirements of existing portfolio companies," company says. Declares total dividend of 3.0p, giving it dividend yield of 6%. Notes plans to potentially put in place dividend policy that will pay an annual dividend with a yield of up to 5%.
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Hunters Property PLC - Yorkshire-based estate agent - Shareholders approve takeover by Property Franchise Group PLC. Reached agreement with Property Franchise in late January. Hunters has recommended the acquisition, which will be on the basis of 0.1655 Property Franchise shares plus 43.2 pence in cash for each Hunters share. The terms value each Hunters share at around 72.0p and the entire company at around GBP24.2 million.
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Premier African Minerals Ltd - Africa-focused metals and agri mineral projects investor - Notes the recent volatility in its share price and the online speculation regarding the status of its exclusive prospecting order applications for Zulu Lithium Private Ltd. "The company will notify the market as and when the company receives any official communication pertaining to the status of Zulu's EPO application," it says.
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Volga Gas PLC - oil & gas explorer operating in Volga region of Russia - GEM Capital Holdings Ltd's 23.71 pence per share cash offer is declared wholly unconditional as to acceptances with 74.4 million acceptances received so far, representing just over a 92% stake. GEM has now waived the condition regarding approval by the Federal Antimonopoly Service of the Russian Federation for the GBP19.2 million deal.
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Kodal Minerals PLC - miner developing project in southern Mali and Cote d'Ivoire - Now retains 100% interest in the Nielle, Tiebissou and M'Bahiakro gold concessions after termination of Corvette joint venture with Resolute Mining Ltd, following decision by Kodal to refuse extension request. Geologists now undertaking a field visit to the Nielle project located in northern Cote d'Ivoire to confirm historic drilling, geological setting and confirm planning for the new drilling campaign. Also notes funding agreement with Riverfort Global Capital Ltd amended and will be agreed shortly. Adds: "The focus of the funding remains the advancement of the exploration and resource definition activities at the company's gold projects in Mali and Cote d'Ivoire." The funding proposal will, once executed, provide Kodal with funding of up to UDS2.5 million.
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Mila Resources PLC - natural resources company - Raises GBP350,000 through issue of convertible loan notes, which will mature six months from now and are automatically redeemed with 6% annual interest. The redemption price will be 75% of the company's placing price when its shares are readmitted to AIM. Also notes resolution giving company power to allot equity securities at annual general meeting failed to obtain the required 75% of the votes.
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By Paul McGowan; paulmcgowan@alliancenews.com
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Astrazeneca (AZN)
Mitie (MTO)
Maven Grwth 3 (MIG3)
Qinetiq (QQ.)
Kodal Minerals (KOD)
Propty Franchis (TPFG)
Premier African Minerals (PREM)
Mila Resources (MILA)
Tritax Eurobox (EBOX)
S4 Cap. (SFOR)
JPMorgan Global Growth & Income (JGGI)
